On 4 January 2024, South Korea’s National Tax Service released the new Pillar 2 global minimum tax (GMT) requirements. The announcement affirms the government’s intention to enforce the global minimum tax requirements from 1 January 2024. It also introduces the establishment of a new international tax response team to oversee the administration of GMT rules and participate in discussions regarding the implementation of Pillar 1 rules for the reallocation of taxing rights.
The release also mentioned the Pillar 2 income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) to ensure a minimum corporate tax of 15% for large multinational (MNE) groups with annual consolidated revenue of at least EUR 750 million in at least two of the preceding four fiscal years. The release also noted that such groups are obligated to submit new tax returns alongside the corporate tax returns.
The deadline for the first return is at the end of June 2026.
